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Russia’s box office to fall below $1 bn mark for first time in 5 years

MUMBAI: With Russia’s national currency facing devaluation against the dollar, the Russian box office is projected to gross below $1 billion for the first time in five years.

A report in the Hollywood Reporter says that the decline is due to a sharp devaluation of the Ruble against the US dollar over the last 12 months.

Last year, the total box office gross in dollar terms already declined, reacting to the Ruble losing its value, but still reached $1.26 billion.

Further according to Russia’s main industry journal Exhibitors’ Bulletin, by 20 September the total box office had reached $613.6 million, while a year ago it had already reached $1 billion by that date.

The journal forecast that grossing around $400 million over the remaining four months is extremely unlikely.

The Russian box office exceeded $1 billion for the first time in 2010, and its highest figure till date has been $1.4 billion, which it garnered in 2013.

But the report adds that the box office gross in Ruble terms and number of admissions have shown a slight growth, by 4 per cent and one per cent respectively year-on-year.

The highest box office grosser in Ruble terms till date was the animated comedy ‘Minions’. However, currency fluctuations over the course of the year have pushed the movie behind ‘Furious Seven’ and ‘Avengers: Age of Ultron’ in dollar terms, according to the data base KinoPoisk.